FUND DESCRIPTION: SPDR S&P 500 ETF, formerly SPDRs, S&P 500 Index Depositary Receipts, represents ownership in the SPDR, Trust Series 1, a unit investment trust established to accumulate and hold a portfolio of the equity securities that comprise the Standard & Poor's 500 Composite Stock Price Index. SPDRs seek investment results that, before expenses, generally correspond to the price and yield performance of the S&P 500 Index. SPDR Trust holds all of the S&P 500 Index stocks. The Trust holds the Portfolio and cash and is not actively ‘‘managed’’ by traditional methods. The S&P 500 Index is composed of 500 selected stocks, all of which are listed on the AMEX, the NYSE or NASDAQ, and spans over 24 separate industry groups. The five largest industry segments comprising the S&P 500 Index were: Capital Goods (9%), Pharmaceuticals & Biotechnology (8.2%), Diversifed Financials (8%), Banks (8%) and Energy (7%). Dividend distributions are paid quarterly on 1/31, 4/30, 7/31 & 10/31 to holders of record on the second business day after the third Friday prior to the payment date.
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